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Vehicles Subject to the Luxury Tax

Who pays? The Luxury Tax will apply to registered and non-registered persons or vendors as follows. Where a non-registered person (consumer) purchases a specified vehicle, e.g. an automobile from a dealership, the Luxury Tax would be paid by the …

Income Splitting Translates into Paying Less Income Tax

Income splitting is an effective way for families to reduce their overall family income tax burden. Income splitting is the process of distributing income amongst a family group to take advantage of the lower income tax brackets available to each …

Optimizing Benefits with the Right Corporate Structure

Your business’s corporate structure is a critical consideration for wealth protection and enhancement. A strategic corporate structure can help protect your wealth, provide tax efficiencies, and allow for the efficient splitting of income amongst …

Ontario Business Registry

The Ontario Business Registry (the “Registry”) is an online platform that digitizes many of the services provided to organizations that carry out business in Ontario. The registry allows businesses and not-for-profit corporations to complete over 90 …

Pension Planning Ideas

Canada Pension Plan (CPP) You can start taking your CPP payments as early as 60 or delaying them until 70. You can also take the CPP payments at 60 61, 62 or 63 up until you reach 70 years of age. If you commence the CPP payments at age 60, your …

Tips on Retirement Investment Plans

By the time entrepreneurs have processed all their facts and figures and responsibilities, they are often tempted to postpone any personal investments, preferring instead to depend on their business equity to finance their retirement. This isn’t …

What is an RRSP and how does it work?

Registered Retirements Savings Plans (RRSP) were introduced in 1957 by the government as an alternative vehicle Canadians could use to save for retirement. Essentially it is an account that is to be used as a long-term savings plan, with the …

Year-End Tax Strategies for Small Businesses

With year-end fast approaching, now is the time to review your business taxes in order to minimize your income tax.

Canada Underused Housing Tax

The Underused Housing Tax (UHT) is a new tax in Canada, took effect on January 1, 2022. This is an annual tax of 1% on the ownership of vacant or underused residential properties. The tax applies to non-resident, non-Canadian property owners and in …

Transfer Pricing

Recently, many of our clients have set up (or are contemplating setting up) operations in the United States to take advantage of favourable export exchange rates. American subsidiaries owned by the Canadian parent company are one way to carry out …

The Dilemma of Incorporation

There comes a time when many, if not all, entrepreneurs are confronted with the difficult decision of whether to incorporate.

What You Need to Know About the Toronto Vacant Home Tax (VHT)

All residential property owners in Toronto are required to submit a declaration of their property’s occupancy status for the previous year, even if they live there. Failure to do so may result in being subject to additional tax.

Owning Real Estate in the United States

It is important that Canadians who plan to acquire U.S. real estate understand the tax implications and potential tax exposure associated with owning such estate. There are various alternative structures available to own U.S. real estate that one …

Reporting Requirements for Principal Residence Claims

Effective 2016 and subsequent tax years, the CRA is requesting additional information for individuals selling (or deemed to have sold) a house and wishing to claim the principal residence exemption. They will require the reporting of basic …

How to Reduce Probate Fees

What is probate? Probate fees are the fees charged by provincial governments to probate your Will when settling your estate. Probating your Will is the process of having your Will authenticated and also of confirming the appointment of an executor …

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Do you have a question for SB Partners? Need help to understand your business financials or value? We’re here to help with all of your accounting needs, please get in touch today.

Email us at help@sbpartners.ca or give us a call at 905-632-5978 or toll-free at 1-866-823-9990.

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